Boston Scientific to acquire heart device maker BridgePoint Medical
20 September 2012
US-based medical device maker Boston Scientific Corp yesterday agreed to acquire privately held heart device maker BridgePoint Medical Inc in order to strengthen its coronary artery disease treatment portfolio.
BridgePoint was founded in 2007 to design, develop and commercialise new technologies and techniques to treat coronary artery disease. The company is backed by investors that include New Enterprise Associates, Polaris Venture Partners, Foundation Medical Partners and Michael Berman.
The Minneapolis, Minnesota-based company has developed a proprietary, catheter-based system to treat coronary chronic total occlusions (CTOs), which has received the US Food and Drug Administration clearance and is currently the only crossing and re-entry system cleared in the US for use in coronary CTOs.
The BridgePoint CTO system is comprised of the CrossBoss CTO Crossing Catheter and the Stingray CTO Re-Entry System, and is designed to navigate highly diseased coronary arteries as a means of blood flow restoration.
CTOs are chronically occluded coronary arteries - typically for 3 months or longer - that prevent blood circulation to critical areas of the heart. CTO devices are designed to permit endovascular treatment in cases that otherwise might require a patient to undergo invasive intervention, such as coronary artery bypass surgery.
"The BridgePoint Medical CTO system is a compelling addition to our industry-leading suite of cardiology products," said Kevin Ballinger, president of the Interventional Cardiology Division at Boston Scientific. "This acquisition strengthens our portfolio and demonstrates the Boston Scientific commitment to continued leadership in interventional cardiology."
"Complete arterial blockages pose a major challenge in the treatment of coronary artery disease, and this CTO system gives physicians an important treatment option in these difficult cases," said Marty Leon, M.D., director of the Centre for Interventional Vascular Therapy at New York-Presbyterian Hospital/Columbia University Medical Centre in New York City.
"Many of these patients would have previously been referred for bypass surgery, typically requiring weeks of recovery. Now, many of them are able to go home within 24 hours," he added.
Natick, Massachusetts-based Boston Scientific did not disclose the financial terms of the deal, but said that the transaction is expected to have an immaterial impact on GAAP and adjusted earnings in 2012 and 2013 and be modestly accretive thereafter.
Boston Scientific, the world's second-largest cardiac-device maker, has made 14 acquisitions in the last 5 years. Its latest purchase was made in March, when it agreed to acquire California-based Cameron Health in a $1.35 billion deal. (See: Boston Scientific to acquire Cameron Health in a potential $1.35-bn deal) making it one of its largest acquisitions since its 2006 purchase of Guidant Corp for $28.5 billion